The organisation said, it has provided an alternative opportunity to the forbidden act, saying a whooping sum of N150,248,000 interest-free loans have been given to Muslims in 2015.
The National President, Dr. Abdul Razaq Idowu while speaking at 4th Annual General Meeting held in Abeokuta, said the foundation was established as alternative to interest-laden loan.
Dr. Idowu reminded Muslims about the stand of Allah on interest, saying, only those who are ready to fight with Allah will take loan with interest.
The President who explained that the foundation had been established since 1997 with the aim of championing the course of Islamic Economy System, to give out financial relief to registered members on interest free basis and to propagate the religion of Islam through dawah and financial assistance to the needy among others.
The foundation, according to him, the foundation has 60 branches with over 11,000 members cutting across Ogun, Oyo, Osun, Ondo, Kwara states.
Golden estate
Addressing the gathering, an Islamic scholar, Ustadh Ibrahim Mustapha who spoke on ‘Al-Amanah: The key to sustainability of Al-Hayat project, advised Muslims to be truthful to whatever that is entrusted onto them.
Those who were in attendance include, the former Chairman of Ogun State Muslim Council, Alhaji Elias Banmeke, Chairman of Board of trustees of the foundation, Dr. Azeez Asif among others.
Some of the activities lined up by the foundation include; self-development Scheme, construction of golden estate, Zakat and Sadaqat among others.
Meanwhile, the foundation has declared a profit of over N16 million in 2015 as against N10 million in 2014, saying, it has generated a gross income of N50 million in 2015 as against N35million.
Source: Vanguard
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